000 international jet I N T E R I O R S 2221 SMITHTOWN AVENUE. LONG ISLAND MACARTHUR AIRPORT. RONKONKOMA. NEW YORK 11779 March 6, 2012 Mr. Jeffrey Epstein Hyperion Air 3800 Southern Blvd. Suite 204 West Palm Beach, FL 33406 Gulfstream IV s/n 1030 Refurbishment Dear Jeffrey, We have reviewed the photo's of GIV sin 1030 and discussed the potential work scope with Larry. Personally, at this point I am not convinced that a partial refurbishment of this aircraft will meet your expectations based upon your level of aesthetic taste and design detail. I thought it would be helpful to you if I presented three illustrations — the first one "as requested". The second one is the direction I see you in and the third one which includes a few more options. We are starting the modification and refurbishment of GIV sin 1171 (fwd galley aircraft) which my client just closed on a week ago. The aircraft has 5,933 Total Time with 2,982 Landings. I was told by the broker it sold for just above $7M. My client is investing $1.8M in his refurbishment with us. We discussed his strategy and he told me that he was originally looking at GIVsp's in the $12M range that all needed paint, interior, wi-fi, satcom, etc. and he could not find one with the floor plan he really wanted. He told me that the IV market was undervalued by comparison and gave him everything that he needed; allowing him to have the type of aircraft features that he really wanted. Jeffrey, I am not "selling" you. I know you for a long time and when I think about how passionate you were creating the S76C++ and what we produced for you, it is hard for me to imagine that you will be satisfied and enjoy living with a partial refurbishment for the next 7+ years. If your view towards this aircraft is different, then please accept my humble apology for assuming such. Warm Regards, Eric EHR/ar EFTA00603197